The maker of Havaianas – maybe the world’s most well-known model of flip-flops – has been bought for $1.1bn ($850m).
The Brazilian label has been extremely profitable at house and internationally, with about 200 million pairs of the footwear bought yearly.
Alpargatas, the agency behind the model, was owned by the scandal-hit J&F group, which manages the fortune of the billionaire Batista household.
It’s being purchased by three outstanding Brazilian banking teams.
The sale of Sao Paulo-based mostly Alpargatas was extensively anticipated, and is a part of J&F’s technique to dump companies after it was concerned in a collection of corruption scandals.
It’s understood proceeds from the sale – to Cambuhy Investimentos, Itaúsa Investimentos and the fund Brasil Warrant – will assist repay debt and go in the direction of fines of greater than $3bn the corporate has been hit with.
Flip-flops are often known as thongs in Australia, jandals in New Zealand, slops in South Africa and slippers in elements of Asia.
However in Brazil – and elsewhere – they’re generally referred to by the model identify Havaianas.
Famed for his or her vibrant designs and affiliation with the Brazilian seashore-way of life, the corporate has additionally benefitted from movie star affiliation.
Miley Cyrus, Jennifer Aniston, Selena Gomez and Sienna Miller are among the many stars who’ve been pictured sporting them.
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